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Fletcher Morgan sells Sainsbury's investment in Cardiff21st May 2012

751 Newport Road,  Cardiff - now a Sainsbury's

Acting on behalf of Park Place Partnership, Fletcher Morgan has sold the Sainsbury's local investment at 751 Newport Road, Cardiff.

Fletcher Morgan agreed a prelet to Sainsbury's who signed a new lease of 15 years at an initial rental of £70,000pa. The development of the 4,500 sq ft retail store was carried out by RJS Contractors on a 20 week contract, which allowed Sainsbury's to open for Christmas trading in 2011.

The site had previously been in use as a public house, The Carpenters Arms, since the early 1960s. In recent years, the public house trade declined, which resulted in its closure and the property falling into disrepair.

The Sainsbury's development has provided a welcome regeneration to the site and retained vital car parking facilities.

It is believed the investment achieved a selling price of £1,230,000, which equates to a net initial yield of approximately 5.35%. The purchasers are a West Country based family trust represented by Worcester based agent, Mark Atkins Associates.

David Mullins of Fletcher Morgan said: "Despite some initial difficulties in making a start on site, the development proceeded without any setbacks. Hopefully, this important regeneration project will benefit the local residents and increase footfall to the retail district centre.

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